Asad Umar calls on interim govt to present full facts about state of economy

ISLAMABAD, Pakistan: Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar has said that the economy is at a critical juncture and the interim government should bring forth the details of the state of the economy before the nation.

While address a press conference in Islamabad on Tuesday, Asad Umar referred to an earlier press conference by the Interim Finance Minister Shamshad Akhtar, which he termed as a ‘balanced analysis’ about the economy, and asked that whether it was necessary to take any drastic measures to address the increasing budget deficit.

The PTI leader called on the interim government to present the full facts about the state of the economy amid declining foreign exchange reserves, devaluation of rupee, and crippling investment sector, and even though it was not their responsibility to hold talks with the International Monetary Fund (IMF), it was imperative to bring a policy as a way forward for the next government.

Asad Umar said that the previous government did not provide complete information about the economy and now there was a looming threat of receiving a bailout, and it was not possible for the interim government to bring policy or improve situation in the next six weeks.

Asad Umar said that the former Prime Minister Shahid Khaqan Abbasi had claimed that load shedding had been eliminated but there has been no improvement in the last four years, and instead the caretaker government was being held responsible.

The PTI leader said that the economy was at a critical juncture, and the PTI is demanding that interim government, without criticizing any previous government, to highlight about the state of the economy.

Furthermore, he said that the rupee depreciated by 15 percent in the past six months which increased debt burden on each citizen by Rs 40,000, and has led to a hike in the petrol prices. Likewise, he added that, power shortfall was over 4500 MW which was similar over four years ago.

Asad Umar said that it seemed that the interim finance minister was being pressurized to present a favourable impression about the state of the economy.

“When I saw the press conference on TV, now that the facts are being known, it seems there was some sort of pressure on her (finance minister) to present a favourable image,” he said.

Asad Umar said that there would have economic growth if loans worth Rs 384 billion were not taken, and how the growth in the real estate sector occurred. Therefore, he said that it was necessary for her to provide the complete facts about the state of the economy.

The PTI leader also said that the economy was in adverse state, and the deficit in one year was now being done over the just one month. He said that there was no harm in taking loans from time to time but it seems that the previous government has completely ruined the economy.